The Collaborative International Dictionary of English v.0.48:

Exaltation \Ex`al*ta"tion\, n. [L. exaltatio: cf. F.exaltation.]
   1. The act of exalting or raising high; also, the state of
      being exalted; elevation.
      [1913 Webster]

            Wondering at my flight, and change
            To this high exaltation.              --Milton.
      [1913 Webster]

   2. (Alchem.) The refinement or subtilization of a body, or
      the increasing of its virtue or principal property.
      [1913 Webster]

   3. (Astrol.) That place of a planet in the zodiac in which it
      was supposed to exert its strongest influence.
      [1913 Webster]

   4. (Med.) An abnormal sense of personal well-being, power, or
      importance, -- a symptom observed in various forms of
      insanity.
      [Webster 1913 Suppl.]

WordNet (r) 3.0 (2006):

exaltation
    n 1: a state of being carried away by overwhelming emotion;
         "listening to sweet music in a perfect rapture"- Charles
         Dickens [syn: ecstasy, rapture, transport,
         exaltation, raptus]
    2: the location of a planet in the zodiac at which it is
       believed to exert its maximum influence
    3: a flock of larks (especially a flock of larks in flight
       overhead)
    4: the elevation of a person (as to the status of a god) [syn:
       deification, exaltation, apotheosis]